Banking Code & Standards Board of India(BCSBI) set up by ________ A. SEBI B. Ministry of Finance C. RBI D. GOI

Banking Code & Standards Board of India(BCSBI) set up by ________ A. SEBI B. Ministry of Finance C. RBI D. GOI
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C. RBI Explanation: The Banking Codes and Standards Board of India (BCSBI) is an independent banking industry watchdog that protects consumers of banking services in India. The board oversee compliance with the ―Code of Bank‘s Commitment to Customers‖
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Who finalises the value and volume of the notes to be printed every year? A. Independently by Ministry of Finance B. Independently by Ministry of Government of India C. Committee of Bank Heads D. With Mutual Consultation of the GOI and Bank Heads E. With Mutual Consultation of the RBI and GOI

Description : Who finalises the value and volume of the notes to be printed every year? A. Independently by Ministry of Finance B. Independently by Ministry of Government of India C. Committee of Bank Heads D. With Mutual Consultation of the GOI and Bank Heads E. With Mutual Consultation of the RBI and GOI

Last Answer : E. With Mutual Consultation of the RBI and GOI Explanation: The Reserve Bank based on the demand requirement indicates the volume and value of banknotes to be printed each year to the ... the demand for banknotes, GDP growth, replacement of soiled banknotes, reserve stock requirements, etc.

BCSBI registered as an independent and autonomous body under ________ A. RBI Act 1934 B. Societies Registration Act, 1860 C. Banking Regulation Act, 1949 D. The Companies Act, 1956 E. Both (B) and (C)

Description : BCSBI registered as an independent and autonomous body under ________ A. RBI Act 1934 B. Societies Registration Act, 1860 C. Banking Regulation Act, 1949 D. The Companies Act, 1956 E. Both (B) and (C)

Last Answer : B. Societies Registration Act, 1860 Explanation: BCSBI is an independent and autonomous body, registered as a separate society under the Societies Registration Act, 1860.

Scheduled Banks have to be registered with - (1) SEBI (2) RBI (3) Finance Ministry (4) SBI

Description : Scheduled Banks have to be registered with - (1) SEBI (2) RBI (3) Finance Ministry (4) SBI

Last Answer : (2) RBI Explanation: The scheduled primary (urban) cooperative banks are required to maintain with the Reserve Bank of India an average daily balance, the amount of which should not be less than 5 per ... least 3 per cent of their total demand and time liabilities in India on clay-to-day basis.

Scheduled Banks have to be registered with - (1) SEBI (2) RBI (3) Finance Ministry (4) SBI

Description : Scheduled Banks have to be registered with - (1) SEBI (2) RBI (3) Finance Ministry (4) SBI

Last Answer : (2) RBI Explanation: The scheduled primary (urban) cooperative banks are required to maintain with the Reserve Bank of India an average daily balance, the amount of which should not be less than 5 per ... least 3 per cent of their total demand and time liabilities in India on clay-to-day basis.

Scheduled Banks have to be registered with (1) SEBI (2) RBI (3) Finance Ministry (4) SBI

Description : Scheduled Banks have to be registered with (1) SEBI (2) RBI (3) Finance Ministry (4) SBI

Last Answer : RBI

Which of the following is the Regulator of the credit rating agencies in India ? A. RBI B. SEBI C. SIDBI D. GOI E. None of the Above

Description : Which of the following is the Regulator of the credit rating agencies in India ? A. RBI B. SEBI C. SIDBI D. GOI E. None of the Above

Last Answer : B. SEBI Explanation: The capital market regulator regulates rating agencies in most regions. In India, the capital markets regulator, the Securities and Exchange Board of India (SEBI), regulates the rating agencies in the country.

Which of the following contributed the entire paid-up capital in National Housing Bank(NHB)? A. GOI B. RBI C. SEBI D. NABARD E. None of the Above

Description : Which of the following contributed the entire paid-up capital in National Housing Bank(NHB)? A. GOI B. RBI C. SEBI D. NABARD E. None of the Above

Last Answer : B. RBI Explanation: RBI contributed the entire paid-up capital in National Housing Bank(NHB).

Which of the following institutions is responsible for the supervision of RRBs? A. RBI B. SEBI C. NABARD D. GOI E. Both (A) and (C)

Description : Which of the following institutions is responsible for the supervision of RRBs? A. RBI B. SEBI C. NABARD D. GOI E. Both (A) and (C)

Last Answer : E. Both (A) and (C) Explanation: NABARD has been sharing with the Reserve Bank of India certain supervisory functions in respect of cooperative banks and Regional Rural Banks (RRBs).

Which of the following provides license to a credit bureau? A. SEBI B. SIDBI C. NABARD D. RBI E. GOI

Description : Which of the following provides license to a credit bureau? A. SEBI B. SIDBI C. NABARD D. RBI E. GOI

Last Answer : D. RBI Explanation: A Credit Bureau is licensed by the RBI.

NHB is wholly owned by ______ A. GOI B. RBI C. SEBI D. NABARD E. None of the Above

Description : NHB is wholly owned by ______ A. GOI B. RBI C. SEBI D. NABARD E. None of the Above

Last Answer : B. RBI Explanation: NHB is wholly owned by Reserve Bank of India.

Which of the following is the clearing agency for Government securities? A. RBI B. GOI C. CCIL D. SEBI E. None of the Above

Description : Which of the following is the clearing agency for Government securities? A. RBI B. GOI C. CCIL D. SEBI E. None of the Above

Last Answer : C. CCIL Explanation: The CCIL is the clearing agency for Government securities. It acts as a Central Counter Party (CCP) for all transactions in Government securities by interposing itself between two counter parties.

Which of the following does not guarantee the repayment of deposits accepted by NBFCs? A. RBI B. GOI C. SEBI D. NABARD E. None of the Above

Description : Which of the following does not guarantee the repayment of deposits accepted by NBFCs? A. RBI B. GOI C. SEBI D. NABARD E. None of the Above

Last Answer : A. RBI Explanation: RBI does not guarantee the repayment of deposits accepted by NBFCs.

Which of the following has decided to block LPG subsidy and PAN of the tax defaulters? A) RBI B) SBI C) Income Tax Department D) Govt. of India E) Finance Ministry

Description : Which of the following has decided to block LPG subsidy and PAN of the tax defaulters? A) RBI B) SBI C) Income Tax Department D) Govt. of India E) Finance Ministry

Last Answer : C) Income Tax Department Explanation: Income Tax Department is set to block Permanent Account Number (PAN) of wilful defaulters and their LPG subsidy and take measures to ensure that they are not sanctioned loans.

Credit Rating Agency, SMERA accredited by ________ A. SEBI B. SIDBI C. NABARD D. RBI E. None of these

Description : Credit Rating Agency, SMERA accredited by ________ A. SEBI B. SIDBI C. NABARD D. RBI E. None of these

Last Answer : D. RBI Explanation: The Company has received accreditation from the Reserve Bank of India (RBI) as an External Credit Assessment Institution (ECAI) under BASEL – II norms for undertaking bank loan ratings.

Which of the following is an independent banking industry watchdog that protects consumers of banking services in the country? A. BBB B. IBA C. BCSBI D. IBRD E. None of the Above

Description : Which of the following is an independent banking industry watchdog that protects consumers of banking services in the country? A. BBB B. IBA C. BCSBI D. IBRD E. None of the Above

Last Answer : C. BCSBI Explanation: The Banking Codes and Standards Board of India (BCSBI) is an independent banking industry watchdog that protects consumers of banking services in India.

Which of the following apex body and regulators has asked banks to swap customer related information so that the frauds and defaults may be prevented in future? (A) Bombay Stock Exchange (BSE) (B) Indian Banks Association (IBA) (C) Securities Exchange Board of India (SEBI) (D) Reserve Bank of India (RBI)

Description : Which of the following apex body and regulators has asked banks to swap customer related information so that the frauds and defaults may be prevented in future? (A) Bombay Stock Exchange (BSE) (B) Indian Banks ... (IBA) (C) Securities Exchange Board of India (SEBI) (D) Reserve Bank of India (RBI)

Last Answer : Answer: Reserve Bank of India (RBI)

The data collection for national income estimation is conducted in India by— (1) The Finance Ministry of the Government of India (2) The RBI (3) The NSSO (National Sample Survey Organization (4) None of these

Description : The data collection for national income estimation is conducted in India by— (1) The Finance Ministry of the Government of India (2) The RBI (3) The NSSO (National Sample Survey Organization (4) None of these

Last Answer : (3) The NSSO (National Sample Survey Organization Explanation: The National Sample Survey Office (NSSO) in India is a unique setup to carry out surveys on socioeconomic, demographic, agricultural ... of India for collection of statistical data in the areas which are vital for developmental planning.

The data collection for national income estimation is conducted in India by— (1) The Finance Ministry of the Government of India (2) The RBI (3) The NSSO (National Sample Survey Organi-sation) (4) None of these

Description : The data collection for national income estimation is conducted in India by— (1) The Finance Ministry of the Government of India (2) The RBI (3) The NSSO (National Sample Survey Organi-sation) (4) None of these

Last Answer : The NSSO (National Sample Survey Organi-sation)

SMERA is a joint initiative of _________ A. SIDBI & Leading PSBs B. Dun & Bradstreet Information Services India Private Limited (D&B) & Leading Private Banks C. RBI & SEBI D. Both (A) and (B) E. Both (A) and (C)

Description : SMERA is a joint initiative of _________ A. SIDBI & Leading PSBs B. Dun & Bradstreet Information Services India Private Limited (D&B) & Leading Private Banks C. RBI & SEBI D. Both (A) and (B) E. Both (A) and (C)

Last Answer : D. Both (A) and (B) Explanation: SMERA Ratings Limited (formerly SME Rating Agency of India Ltd.) is a joint initiative of Small Industries Development Bank of India (SIDBI), Dun & Bradstreet Information Services India Private Limited (D&B) and leading public and private sector banks in India.

Rural Infrastructure Development Fund (RIDF) was instituted by which of the following? a. NABARD b. RBI c. Finance Ministry d. Ministry of Home Affairs e. None of the above

Description : Rural Infrastructure Development Fund (RIDF) was instituted by which of the following? a. NABARD b. RBI c. Finance Ministry d. Ministry of Home Affairs e. None of the above

Last Answer : a. NABARD

Membership of ________ can be taken by an individual, Registered Partnership Firm, Corporate or bank. a. SEBI b. RBI c. MSEI

Description : Membership of ________ can be taken by an individual, Registered Partnership Firm, Corporate or bank. a. SEBI b. RBI c. MSEI

Last Answer : c. MSEI

The maximum load that a fund can exchange is determined by ________ a. SEBI b. RBI c. AMFI

Description : The maximum load that a fund can exchange is determined by ________ a. SEBI b. RBI c. AMFI

Last Answer : a. SEBI

As per RBI said in its statement, banks have to seek whose permission before selling stake in stressed companies? A) GOI B) CVC C) RBI D) CBI E) Both B and D

Description : As per RBI said in its statement, banks have to seek whose permission before selling stake in stressed companies? A) GOI B) CVC C) RBI D) CBI E) Both B and D

Last Answer : E) Both B and D Explanation: Following the central bank s directive to banks to ensure that stake sales in stressed companies under the strategic debt restructuring (SDR) does not get ... the Central Vigilance Commission (CVC) before closing such deals, people familiar with the development said.

Bank Holidays are covered by which of the following? A. As per the order of the GOI B. As per the order of the IBA C. Negotiable Instruments Act D. RBI Act E. Other than those given as options

Description : Bank Holidays are covered by which of the following? A. As per the order of the GOI B. As per the order of the IBA C. Negotiable Instruments Act D. RBI Act E. Other than those given as options

Last Answer : C. Negotiable Instruments Act Explanation: Bank Holidays are declared by Central/State Governments/ Union Territory under the Negotiable Instruments (NI) Act, 1881.

Spurious coins detected at the counter are sent to _____ A. RBI B. GOI C. IBRD D. Mint E. None of the Above

Description : Spurious coins detected at the counter are sent to _____ A. RBI B. GOI C. IBRD D. Mint E. None of the Above

Last Answer : D. Mint Explanation: when Spurious coins tendered over the counter, it should be cut and handed over to the tenderer. If the tenderer disputes it, the coins should be sent to the mint at his cost, for examination.

Which of the following is/are share holders of CERSAI? A. GOI B. RBI C. PSBs D. NHB E. (A), (C) and (D)

Description : Which of the following is/are share holders of CERSAI? A. GOI B. RBI C. PSBs D. NHB E. (A), (C) and (D)

Last Answer : E. (A), (C) and (D) Explanation: The Company is a Government Company with a shareholding of 51% by the Central Government and select Public Sector Banks and the National Housing Bank are also shareholders of the Company.

Which of the following is an Association of Commercial Banks, Financial Institutions and Primary Dealers? A. GOI B. RBI C. PSBs D. FEDAI E. FIMMDA

Description : Which of the following is an Association of Commercial Banks, Financial Institutions and Primary Dealers? A. GOI B. RBI C. PSBs D. FEDAI E. FIMMDA

Last Answer : E. FIMMDA Explanation: FIMMDA stands for The Fixed Income Money Market and Derivatives Association of India (FIMMDA). It is an Association of Commercial Banks, Financial Institutions and Primary Dealers. FIMMDA is a voluntary market body for the bond, Money And Derivatives Markets.

Who among the following appoints the “Authorized Dealers” for foreign exchange transactions? A. GOI B. RBI C. PSBs D. FEDAI E. FIMMDA

Description : Who among the following appoints the “Authorized Dealers” for foreign exchange transactions? A. GOI B. RBI C. PSBs D. FEDAI E. FIMMDA

Last Answer : D. FEDAI Explanation: Foreign Exchange Dealer s Association of India (FEDAI) was set up in 1958 as an Association of banks dealing in foreign exchange in India (typically called Authorised Dealers - ... among banks vis-à-vis public and liaison with RBI for reforms and development of forex market.

Which of the following will function as the Bharat Bill Payment Central Unit (BBPCU), single authorized entity operating the BBPS? A. RBI B. NPCI C. GOI D. All of the Above E. None of the Above

Description : Which of the following will function as the Bharat Bill Payment Central Unit (BBPCU), single authorized entity operating the BBPS? A. RBI B. NPCI C. GOI D. All of the Above E. None of the Above

Last Answer : B. NPCI Explanation: National Payments Corporation of India (NPCI) will function as the authorized Bharat Bill Payment Central Unit (BBPCU), which will be responsible for setting business ... BBPCU, will also undertake clearing and settlement activities related to transactions routed through BBPS.

Which of the following is the parent organisation of UPI? A. RBI B. GOI C. NPCI D. All of the Above E. None of the Above.

Description : Which of the following is the parent organisation of UPI? A. RBI B. GOI C. NPCI D. All of the Above E. None of the Above.

Last Answer : C. NPCI Explanation: National Payments Corporation of India(NPCI) is the parent organisation of UPI(Unified Payment Interface)

National Sample Survey Organization(NSSO) is an organization under the ________ A. Ministry of Finance B. Ministry of Statistics C. Ministry of Commerce D. All (B) and (C) E. None of the Above

Description : National Sample Survey Organization(NSSO) is an organization under the ________ A. Ministry of Finance B. Ministry of Statistics C. Ministry of Commerce D. All (B) and (C) E. None of the Above

Last Answer : B. Ministry of Statistics Explanation: The National Sample Survey Organisation (NSSO), now known as National Sample Survey Office, is an organization under the Ministry of Statistics of the ... the largest organisation in India conducting regular socio-economic surveys. It was established in 1950.

Treasury bills are issued in India by ______ A. RBI B. State Government C. Government of India D. SEBI

Description : Treasury bills are issued in India by ______ A. RBI B. State Government C. Government of India D. SEBI

Last Answer : C. Government of India Explanation: Treasury bills (T-bills) offer short-term investment opportunities, generally up to one year. They are thus useful in managing short-term liquidity. At present, the ... , 91-day, 182-day and 364-day. There are no treasury bills issued by State Governments.

Dalal Street in Mumbai is famous for which of the following? A. NABARD B. Stock Exchange C. RBI D. SEBI

Description : Dalal Street in Mumbai is famous for which of the following? A. NABARD B. Stock Exchange C. RBI D. SEBI

Last Answer : B. Stock Exchange Explanation: The Bombay Stock Exchange (BSE) is located at Dalal Street.

SMERA Ratings Ltd (SMERA) is registered by ______ A. SEBI B. SIDBI C. NABARD D. RBI E. None of these

Description : SMERA Ratings Ltd (SMERA) is registered by ______ A. SEBI B. SIDBI C. NABARD D. RBI E. None of these

Last Answer : A. SEBI Explanation: SMERA is registered with the Securities and Exchange Board of India (SEBI) as a Credit Rating Agency.

Who among the following regulates the Indian Corporate Debt Market? A. RBI B. NABARD C. SIDBI D. SEBI E. None of the Above

Description : Who among the following regulates the Indian Corporate Debt Market? A. RBI B. NABARD C. SIDBI D. SEBI E. None of the Above

Last Answer : D. SEBI Explanation: Regulator for the Indian Corporate Debt Market is the Securities and Exchange Board of India (SEBI). SEBI controls bond market and corporate debt market in cases where entities raise money from public through public issues.

Which of the following policies is known as Annual Policy Statement? A. Annual budget of central government B. Credit and Monetary Policy of RBI C. Foreign trade policy of DGFT D. Regulations issued by SEBI E. None of the Above

Description : Which of the following policies is known as Annual Policy Statement? A. Annual budget of central government B. Credit and Monetary Policy of RBI C. Foreign trade policy of DGFT D. Regulations issued by SEBI E. None of the Above

Last Answer : B. Credit and Monetary Policy of RBI Explanation: Credit and Monetary Policy of RBI is known as Annual Policy Statement.

According to RBI Regulations, which of the following are allowed to set up small finance banks? A. NBFC B. MFI C. LAB D. All of the Above E. None of the Above

Description : According to RBI Regulations, which of the following are allowed to set up small finance banks? A. NBFC B. MFI C. LAB D. All of the Above E. None of the Above

Last Answer : D. All of the Above Explanation: The firms must have a capital of Rs.100 crore.Existing non-banking financial companies (NBFC), micro-finance institutions (MFI) and local area banks (LAB) are allowed to set up small finance banks.

Under which Act are the KYC norms implemented? A. SEBI Act 1992 B. Foreign Contribution and Regulation Act, 1976 C. Prevention of Money laundering Act 2002 D. Banking Regulation Act, 1949 E. Both (C) and (D)

Description : Under which Act are the KYC norms implemented? A. SEBI Act 1992 B. Foreign Contribution and Regulation Act, 1976 C. Prevention of Money laundering Act 2002 D. Banking Regulation Act, 1949 E. Both (C) and (D)

Last Answer : C. Prevention of Money laundering Act 2002 Explanation: KYC guidelines/instructions are issued under under Prevention of Money laundering Act PMLA, 2002.

The Stock Exchanges in India are regulated by 1. RBI 2. SEBI 3. SBI 4. IDBI 5. None of these

Description : The Stock Exchanges in India are regulated by 1. RBI 2. SEBI 3. SBI 4. IDBI 5. None of these

Last Answer : SEBI

Long-term debt securities issued by the GOI or any of the State Government‟s or undertakings owned by them or by development financial institutions are called as ________ A. Shares B. Debentures C. Bonds D. Both (A) and (C) E. None of the Above

Description : Long-term debt securities issued by the GOI or any of the State Government‟s or undertakings owned by them or by development financial institutions are called as ________ A. Shares B. Debentures C. Bonds D. Both (A) and (C) E. None of the Above

Last Answer : C. Bonds Explanation: Long-term debt securities issued by the Government of India or any of the State Government‘s or undertakings owned by them or by development financial institutions are called as bonds.

Capital Market Regulator is: (1) NSE (2) RBI (3) SEBI (4) IRDA

Description : Capital Market Regulator is: (1) NSE (2) RBI (3) SEBI (4) IRDA

Last Answer : (3) SEBI Explanation: Capital Market Regulator is the Securities and Exchange Board of India (SEBI).

________was constituted to protect the interests of investors in securities and to promote the development of and to regulate the securities market through appropriate measures. a. RBI b. SEBI c. BSE

Description : ________was constituted to protect the interests of investors in securities and to promote the development of and to regulate the securities market through appropriate measures. a. RBI b. SEBI c. BSE

Last Answer : b. SEBI

After declaration dividends are paid to the shareholders as per the provision of A. Indian Companies Act B. RBI Act C. SEBI Act D. Indian Contract Act

Description : After declaration dividends are paid to the shareholders as per the provision of A. Indian Companies Act B. RBI Act C. SEBI Act D. Indian Contract Act

Last Answer : C. SEBI Act

Capital Market Regulator is: (1) NSE (2) RBI (3) SEBI (4) IRDA

Description : Capital Market Regulator is: (1) NSE (2) RBI (3) SEBI (4) IRDA

Last Answer : SEBI

The capital issues of public limited companies are subject to guidelines issued by– (A) Reserve Bank of India (B) Central Government (C) Central Bank of India (D) Securities & Exchange Board of India (SEBI)

Description : The capital issues of public limited companies are subject to guidelines issued by– (A) Reserve Bank of India (B) Central Government (C) Central Bank of India (D) Securities & Exchange Board of India (SEBI)

Last Answer : Answer: Securities amp; Exchange Board of India (SEBI)

Scheduled banks are required to keep cash reserve with RBI, interms of _______ A. Section 24 of the Banking Regulation Act, 1949 B. Section 20 of the Banking Regulation Act, 1949 C. Section 42(i) of the RBI Act, 1934 D. Section 42 of Negotiable Instruments Act

Description : Scheduled banks are required to keep cash reserve with RBI, interms of _______ A. Section 24 of the Banking Regulation Act, 1949 B. Section 20 of the Banking Regulation Act, 1949 C. Section 42(i) of the RBI Act, 1934 D. Section 42 of Negotiable Instruments Act

Last Answer : C. Section 42(i) of the RBI Act, 1934 Explanation: Every bank included in the Second Schedule shall maintain with the Bank an average daily balance the amount.

Who has been appointed as the head of Working Group on Fin Tech and Digital Banking by RBI? A) NS Vishwanathan B) KR Subramaniam C) Sarvesh Rana D) NS Iyer E) Sudarshan Sen

Description : Who has been appointed as the head of Working Group on Fin Tech and Digital Banking by RBI? A) NS Vishwanathan B) KR Subramaniam C) Sarvesh Rana D) NS Iyer E) Sudarshan Sen

Last Answer : E) Sudarshan Sen Explanation: The Reserve Bank of India (RBI) has set up an inter-regulatory Working Group to study the regulatory issues relating to Financial Technology (Fintech) and Digital ... Working Group will be headed by RBI s Executive Director Sudarshan Sen and consist of 12 members.

For expanding access to banking services, the RBI has advised banks to open branches with minimum infrastructure support of 8 to 10BC units at a reasonable 3-4km. Such branches are known as _______ A. White Label ATMs B. Ultra Small Branches C. Banking Kiosks D. CBS Terminals E. ICT Hubs

Description : For expanding access to banking services, the RBI has advised banks to open branches with minimum infrastructure support of 8 to 10BC units at a reasonable 3-4km. Such branches are known as _______ A. White Label ATMs B. Ultra Small Branches C. Banking Kiosks D. CBS Terminals E. ICT Hubs

Last Answer : B. Ultra Small Branches Explanation: Ultra Small Branches may be set up between the base branch and BC locations so as to provide support to about 8-10 BC Units at a reasonable distance ... for operating large customer transaction and would have to be managed full time by bank officers/ employees.

Banks are required to maintain SLR under_____ A. Section 24 of the Banking Regulation Act B. Section 35 of the Negotiable Instrument Act, 1881 C. Section 24 of RBI Act D. Section 40 of Indian Contract Act, 1872 E. None of the Above

Description : Banks are required to maintain SLR under_____ A. Section 24 of the Banking Regulation Act B. Section 35 of the Negotiable Instrument Act, 1881 C. Section 24 of RBI Act D. Section 40 of Indian Contract Act, 1872 E. None of the Above

Last Answer : A. Section 24 of the Banking Regulation Act Explanation: SLR is governed by the provisions of Section 24 of the Banking Regulation Act. There is no minimum stipulation on SLR (earlier there used to ... with an amendment to the Banking Regulation Act in 2007). However, SLR can not exceed 40%.

The Definition of „Banking‟ is given in _______ A. Negotiable Instrument Act, 1881 B. RBI Act, 1934 C. The Banking Regulation Act, 1949 D. Indian Contract Act, 1872 E. None of the Above

Description : The Definition of „Banking‟ is given in _______ A. Negotiable Instrument Act, 1881 B. RBI Act, 1934 C. The Banking Regulation Act, 1949 D. Indian Contract Act, 1872 E. None of the Above

Last Answer : C. The Banking Regulation Act, 1949 Explanation: As per Section 5(b) of the Banking Regulation Act, 1949 , -banking means the accepting, for the purpose of lending or investment, of deposits ... the public, repayable on demand or otherwise, and withdraw-able by cheque, draft, order or otherwise.